Nearly two years later, Mystic Capital has certainly proven that optimism--combined with industry knowledge, experience and a motivated team--is a winning formula. With offices in New York City, Denver, Charlotte (North Carolina) and Columbus (Ohio), the rapidly growing national firm has successfully provided a broad range of financial consulting services to the insurance and financial services industries. Indeed, Mystic Capital completed its first full year of business (2002) having advised on the second most merger & acquisition transactions in the entire insurance industry (that according to SNL Financial, an industry publication that tracks M&A activity).

Mystic Capital's clients benefit from superior, 24/7 customer service, including day-to-day involvement of a founding partner for every transaction. Clients include program administrators, wholesalers, managing general agencies (MGAs), insurance companies, retail brokers, agencies and banks.

When asked about the firm's early success, Donoghue states: "We are thrilled with the flurry of consulting activity in such a short period, but remain focused on--and optimistic about--continued growth. We feel that our competitors have been resting on their laurels and have lost some of their hunger. As is the case with most businesses, there isn't any room for complacency."

Mystic Capital has not only grabbed hold of a leadership position in the consolidating marketplace, but the firm is leveraging its in-depth knowledge and understanding of the insurance industry to identify and address industry needs.

Specific industry segments that have become a focus of Mystic Capital include program administrators, wholesaler and MGAs. In 2002, approximately 45% of Mystic Capital's revenue was attributable to advising clients in these segments of the business.

"We've carved out a strong niche among wholesalers, MGAs and program administrators," says Donoghue. "These specialists in the insurance distribution chain are battling day in and day out for business. But when it comes to getting solid consulting advice, they can't always rely on retail insurance consultants or insurance company advisors, who often lack the detailed expertise and experience to know how these industry middle-men operate."

Mystic Capital has also partnered with Target Markets to launch the first-ever Program Administrators' Benchmarking Survey. This annual survey will give insurance program specialists, wholesalers and MGAs the opportunity to compare their operations to those of their peers in several key areas, including: (1) financial performance, (2) use of technology, (3) operation administration and, most important, (4) program information and performance.

"Many of our program administrator members are dissatisfied with the current benchmarking information available in the industry today," comments Target Markets Executive Director Ray Scotto. "They feel that much of what is out there isn't applicable to the program administration business. We're excited to partner with Mystic Capital in order to provide program administrators with a tool that allows them to see how their business stacks up operationally, financially and marketing-wise against the average and the best performers of the industry."

Results of the 2003 Program Administrators' Benchmarking Survey will be released later this year.

For more information about Mystic Capital Advisors Group or the 2003 Program Administrators' Benchmarking Survey, please contact Kevin Donoghue at (212) 251-0251 or kpd@mysticcapital.com. The company's Web site is www.mysticcapital.com. *